2025-04-23 06:50
April 23 (Reuters) - Russian forces destroyed an energy facility in the southern Ukrainian region of Kherson early on Wednesday, the regional governor said. Oleksandr Prokudin said the facility, which provided the city of Kherson with electricity, had come under Russian artillery and drone attacks for more than 24 hours. Sign up here. "Our military fought all night to repel the enemy attacks. However, in the morning, the Russians succeeded in destroying the energy facility," Prokudin said on Telegram. The drone attacks are continuing and there could be emergency power cuts as energy workers are working to stabilise the situation, he added. https://www.reuters.com/world/europe/russia-destroys-energy-facility-ukraines-kherson-governor-says-2025-04-23/
2025-04-23 06:42
Q1 EBIT $972 mln vs analyst forecast $1.04 bln Oil, gas output to rise sharply as fields come on stream Could curb investment in 'uncertain market' OSLO, April 23 (Reuters) - Oslo-listed oil and gas firm Vaar Energi (VAR.OL) , opens new tab on Wednesday reported a lower-than-expected operating profit for the first quarter, but said it would maintain its dividend level as it prepares for a sharp rise in output in coming months. Vaar's earnings before interest and tax (EBIT) for the January-March quarter fell to $972 million from $1.05 billion a year earlier, lagging the average $1.04 billion forecast in a company-provided poll , opens new tab of 12 analysts. Sign up here. "In the current uncertain market environment our business remains resilient, with low free cash flow break-even and a highly flexible investment program of which 70% is uncommitted," Vaar's CEO Nick Walker said in a statement. The company maintained investment plans of $2.3 billion-$2.5 billion for 2025 and $2.0 billion-$2.5 billion annually for 2026-2030, but much of this has yet to be formally approved. Vaar said it would pay $300 million in dividends for the second quarter, maintaining its policy of returning to shareholders between 25% and 30% of cash flow from operations after tax for the full year. The Norway-focused company, majority owned by Italy's Eni (ENI.MI) , opens new tab, eyes significant growth of its output thanks to the startup of production from new fields. It expects petroleum production to rise to over 400,000 barrels of oil equivalent per day (boepd) in the fourth-quarter from 272,000 boepd in the first quarter. Vaar's flagship Balder X project will come on stream at the end of the second-quarter, after several delays, the company confirmed on Wednesday. Along with other new projects, including the partner-operated Johan Castberg oilfield in the Barents Sea, Vaar aims to add some 180,000 boepd in oil and gas production towards the fourth-quarter. Global oil demand is expected to grow at its slowest rate for five years in 2025 due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves, the International Energy Agency warned on April 15. https://www.reuters.com/business/energy/norways-vaar-energi-q1-operating-profit-lags-forecast-2025-04-23/
2025-04-23 06:40
April 23 (Reuters) - Dutch tank storage group Vopak (VOPA.AS) , opens new tab reported a marginal rise in first-quarter core earnings on Wednesday, driven by contributions from growth projects. Proportional earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 0.7% to 300 million euros ($341.7 million) in the three-month period to March 31, up from 297.8 million euros in the year-ago period. Sign up here. Vopak commissioned new capacity in China and India, which supported core earnings growth, while expansions in Brazil, Thailand and Oman will unlock further profit opportunities, group CFO Michiel Gilsing told Reuters in an interview. Last month, the company doubled its planned investments in gas and industry, committing another 1 billion euros to the sectors through 2030. Vopak confirmed its outlook for this calendar year and firmed its forecast for proportional capex growth to 600 million euros from its previous 500-600-million-euro target range. However, it warned the ongoing macroeconomic volatility could impact results, even if it was limited for now. "Across the markets we operate in, there is uncertainty on trade tariffs, while the situation continues to evolve and is dynamic, we currently foresee limited direct impact on Vopak in the short-term," group CEO Dick Richelle said in a statement. ($1 = 0.8779 euros) https://www.reuters.com/business/energy/dutch-firm-vopak-posts-marginal-growth-first-quarter-core-earnings-2025-04-23/
2025-04-23 06:33
MUMBAI, April 23 (Reuters) - The Indian rupee opened weaker on Wednesday and extended losses as traders unwound bullish positions after the currency failed to break a key level, while a rebound in the dollar index added pressure. The rupee was at 85.4450 to the U.S. dollar at 11:25 a.m. IST, having opened at 85.2625. Sign up here. The currency struggled to break the 85 barrier on Monday and Tuesday, with the 200-day moving average, hovering around 84.90-85.00, acting as a major resistance. The rupee's failure to breach the 85 mark, along with an unexpected dollar rebound, has likely shaken the confidence of rupee bulls, prompting weaker hands to unwind positions, a currency trader at a bank said. His FX sales desk was witnessing more action from importers, he added. ASIA FX FALTERS, DOLLAR INDEX RECOVERS Asian currencies were down on the day after the dollar index surged 1.5% on Tuesday after President Donald Trump assured markets that he had no plans to dismiss Federal Reserve Chair Jerome Powell. The dollar was additionally buoyed by U.S. Treasury Secretary Scott Bessent, who expressed optimism about a de-escalation in U.S.-China trade tensions. The dollar had been on a significant downtrend before Tuesday's rally, driven by concerns over the impact of Trump’s trade policies on the U.S. economy and demand for U.S. assets. While expectations of higher returns on U.S. assets had previously supported the dollar, Trump's ongoing trade war has cast uncertainty. https://www.reuters.com/world/india/rupee-falls-further-short-term-players-unwind-bullish-bets-2025-04-23/
2025-04-23 06:21
Analysts say BP could scrap buybacks at $60/bbl oil price Shares already underperforming BP has said it will cut its debt Oil, gas prices fall below BP's assumptions LONDON, April 23 (Reuters) - BP (BP.L) , opens new tab may be forced to cut or even scrap its share buyback programmes over the next year unless oil prices recover, analysts say, adding that would increase pressure on its already underperforming shares. Oil majors and other resource companies have made increased use of share buybacks and dividends to reward shareholders in recent years. Sign up here. Three analysts said the risk for BP was that weaker oil prices would mean it could not sustain its buyback programme, aggravating the problem of BP's underperformance versus peers. A February strategy revamp was designed to overcome investor doubts. The revamp, however, included BP shrinking guidance for its first-quarter buyback to $0.75-$1.0 billion, implying a $3-$4 billion annual buyback, as it tries to cut debt. This compares with a $3.5 billion buyback programme for the first quarter alone at Shell, which has said it will continue buybacks even if oil prices fall to $50 a barrel. Currently international Brent crude is trading above $65 , but is under pressure from increased output from the OPEC+ producer group and the economic risks of U.S. tariffs. UBS analyst Joshua Stone said he expected BP's quarterly buybacks to fall to a quarterly $500 million after the first quarter. He said the market was pricing BP shares on the basis of a buyback programme of around $3 billion a year. It means BP's stock could fall by 15% if it cut the buyback to $2 billion a year and by 30% if the buyback was scrapped, said Stone. RBC analysts, meanwhile, expect BP to suspend all buybacks next year if oil falls to $60 a barrel. "Given its higher leverage position than peers, we’ve had more questions on what price BP can sustain its current buyback at than any other company," RBC analyst Biraj Borkhataria wrote in a note this month. Bank of America expects BP will cut buybacks to $2.5 billion this year if oil prices trade at $65 a barrel. At $60 a barrel, BofA also anticipates BP would suspend its buybacks. At its February strategy update, BP said it assumed Brent prices would average $71.5-$74.4 a barrel between 2025-2027, while benchmark Henry hub gas prices would be $4.1-$4.3 per million British thermal units through 2027 compared to the current prices of around $3 . Asked about buybacks, a BP spokesperson referred to the February strategy update, when BP said it aimed to distribute 30-40% of operating cash flow via dividends, which it plans to raise by 4% a year, and buybacks. BP has said that, in addition to its disposal programme, it is cutting its costs by $4-$5 billion a year, expects its refining business to improve and has projects starting up that will help its cash flow. BP is due to report first-quarter results on April 29. https://www.reuters.com/business/energy/bp-share-buyback-outlook-risk-oil-price-slump-analysts-say-2025-04-23/
2025-04-23 06:16
Spot gold hit record high of $3,500.05 in previous session Trump says China tariffs will fall substantially after a deal JPMorgan expects gold prices to climb above $4,000 next year April 23 (Reuters) - Gold prices dipped on Wednesday after U.S. President Donald Trump hinted at lower tariffs for China and backed away from threats to fire Federal Reserve Chair Jerome Powell. Spot gold was down 1.5% at $3,331.29 an ounce by 1150 GMT after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 2.2% to $3,342.90. Sign up here. "The comments of President Trump, including his softer stance towards the Fed chairman as well as his comments on China, eased some market concerns and weighed on the yellow metal," said UBS analyst Giovanni Staunovo. However, Staunovo remained bullish on bullion. "We continue to expect gold to rise to $3,500/oz over the coming months," he said. President Trump backed off from threats to fire Powell after days of intensifying criticism of the central bank chief for not cutting interest rates. He also expressed optimism that he would make progress with China that would lower tariffs substantially but also warned that "if they don't make a deal, we'll set the deal". The International Monetary Fund, meanwhile, has made sharp reductions to its outlook for both U.S. and global growth this year, with Trump's tariff policy the central reason behind the downgrade. Gold, traditionally considered a hedge against global instability, has shattered multiple record highs and gained more than 26% since the start of 2025. JPMorgan said it expects to see gold prices crossing $4,000 an ounce next year. It also predicted greater headwinds for silver in the near term, given industrial demand uncertainty, but expects prices to firm in the second half of 2025, heading towards $39 an ounce by the end of the year. Spot silver jumped 1.2% to $32.92 an ounce while platinum gained about 1% to $967.90 and palladium rose 0.5% to $940.82. https://www.reuters.com/markets/commodities/gold-falls-trump-backs-down-threat-fire-fed-chief-2025-04-23/
